https://www.taxtmi.com/caselaws?id=765620 The ITAT Surat held that a Primary Agriculture Credit Society was not affected by Section 80P(4) but could not claim deduction under Section 80P(2)(a)(i) on interest income classified as "income from other sources" under Section 56. The tribunal modified the PCIT's direction, ruling that deduction would only be allowed if interest income formed part of business profits attributable to activities specified in Section 80P(2)(a) clauses (i) to (vii), requiring establishment of clear nexus between interest income and expenditure. The appeal was partly allowed. en-us Mon, 03 Feb 2025 00:00:00 +0530 Tue, 04 Feb 2025 15:14:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765620 The ITAT Surat held that a Primary Agriculture Credit Society was not affected by Section 80P(4) but could not claim deduction under Section 80P(2)(a)(i) on interest income classified as "income from other sources" under Section 56. The tribunal modified the PCIT's direction, ruling that deduction would only be allowed if interest income formed part of business profits attributable to activities specified in Section 80P(2)(a) clauses (i) to (vii), requiring establishment of clear nexus between interest income and expenditure. The appeal was partly allowed. Case-Laws Income Tax Mon, 03 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765620